I've also just been playing around with this and decided to grab the 4th Mix announcer and change to Takuya's 3rd and 5th Mix arrows.
Put simply: the whole package is pretty damn awesome. Like a real step down memory lane with all the original pixeliness included.
I must state now though that I've never played the original 4th Mix as we Europeans got it in the form of Dancing Stage Party EDiTiON for the PS1, but what I remember from that game this reminds me of it quite a lot even with the songwheel limitations.
Congratulations on such a great theme! I can't wait to see what SM 4.0 theming will allow you to do with it next.